How to Write Off Your Car with a Turo Rental Car Company

If you are starting, or own, a Turo business then you'd better learn these top tax write offs for your Turo rental car company. These Turo tax deductions in 2021, can save you hundreds/thousands of dollars in taxes. Here are my top 7 (no-brainer) tax write offs for turo rental car companies in 2021.

What is Turo?

So basically Turo is like the AirBnb of cars. So like with AirBnB, you can list your car on Turo for free and any communication between people wanting to reserve you car is done through the app.

The big difference between the two is that with AirBnB you don’t have to physically meet anyone, you can remotely give them access to to home and they just walk in. Whereas with Turo, you need to physically hand over the car and then figure out a way to get back to your desired location.

So right now, for most people, Turo can be a little bit more hassle when you are trying to build passive income from renting your car without a little help. But it absolutely can be done.

Time Stamps for Top Tax Write Offs for Turo Renal Car Company:
Starting at Rental Car Company with Turo (0:00)
What is a Rental Car Company? (1:01)
What is Turo? (1:44)
Turo vs AirBnB (2:13)
How is Income Reported with Turo (2:45)
Tax Write Off #1 - Insurance (4:17)
Tax Write Off #2 - Location (5:20)
Tax Write Off #3 - Staff (6:17)
Tax Write Off #4 - Vehicle Expenses (6:58)
Tax Write Off #5 - Fees (8:40)
Tax Write Off #6 - Advertising (9:30)
Tax Write Off #7 - Home Office (10:10)

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[gsmith]

Thank y'all guys for this video.I was looking for several different ways to start up a couple of companies. One of them is a car rental.I'll be looking for the next video.

[tnbrutha]

Thanks, yes more videos on Turo/ LLC setup. Thanks again

[alisongilmoreazrealtor]

I just started renting on Turo in September 2021. I'm a realtor and have 2 teens so needed more cars. I now have 5, the teens drive the older cars :)

[r.e.]

Great morning, Lyfe Accounting family! I am actually on the cusp of starting a rental car company so, this video is right on time. Please expound upon this topic on a step by step basis. It will be greatly appreciated. Much kudos to all of you for the valuable infocation that has been provided this far 👍

[ro]

I've been waiting on someone to do a tax video on Turo. Thank you !

[brookaburns]

I'd love to hear more about LLC vs sole prop and multimember LLC vs single member LLC

[tlong]

Yes I’m doing my research and your advise has been invaluable. Please keep them coming to my subscription feed 😃

[jtreed]

I really appreciate every video y’all make. I will be very appreciative if you can do a complete video on car rentals. I’m correctly with turo and I started with one car. And that car basically bought the other one I just bought. I’m looking forward to making this a big thing in my town. I will be reaching out to you guys after my vacation this month. I will definitely pay for y’all service 💪🏽🏆

[joseacevedo]

Awesome video. I’m definitely looking forward for the step by step video. As I am looking to open a rental car company to put on the TURO platform and create some additional income.
Also, I love the fact that you don’t just tell your audience what steps to follow in your videos. You also give examples of what your explaining to clarify and confusions one might have. Again, thank you for sharing your wisdom and knowledge with us. Looking forward for the TURO step by step video.

[spencergoehl]

Awesome video! I’m going to have two houses and two cars in Oregon and Indiana and wool be renting out when I’m not using, definitely interested in more content on starting Turo

[miketaylor]

I’m ready to start now! I have the dealers license already and ready to go. We’re waiting for the video. Letssss goooo!!!💯

[dcamaury]

please make the step by step video that would be awesome, thank you for all the great content you guys have been extremely helpful to me in the last year.

[Akeeleez]

Very helpful! Setting things up for my Turo company now! Would love a step by step video

[roz]

Thank you for the video. Didnt know depreciation was deductible, if so this could turn buying more valuable vehicles into a major offset.

[SinkoMUSIC]

Great content we want that step by step video

[FishAdvisor]

Subbed! Great info and no hype! Keep em flowing!

[alwaysTTG]

Great video man. Really helped me understand what I was getting myself into with Turo.

[AndreTheCarGuy_]

I would love to see you guys step by step breakdown. I have started with one car and am 100% looking to incorporate and operate a small rental company out of the dealership I work at. Any info a tax pro can provide would greatly appreciated!

[chantiabroderick]

Great tips and Great vid. Starting in the next few weeks! Waiting on my business license paperwork, EIN and then I can purchased under my business name and get going. Excited!

[efrainmaradiaga]

I am thinking about starting a turo business. i will look forward to your step by step video.